Balance Due on Completion:
The amount of money the purchaser will be required to pay to the vendor to complete the purchase, after all adjustments have been made.

Blended Mortgage Payments:
Equal or regular mortgage payments consisting of both a principal and an interest component applied in a way that the payments remain constant in amount, although the portions attributed to principal and interest vary with each payment.

Breach of Contract:
Failure to fulfil an obligation under a contract. Breach confers a right of action on the offended party.

Bridge Financing:
Money borrowed against a homeowner's equity in a property (usually for a short term) to help finance the purchase of another property or to make improvements to a property being sold.

Broker:
A person who legally represent another. In real estate, a professional licensed in Canada to facilitate the sale, lease or exchange of a property.

Buy-down:
A situation where the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender. Or, the difference can be paid to the purchaser in one lump sum or monthly installments. A buy-down can make a property more attractive to potential buyers.

Building Codes:
Regulations established by the federal, provincial and local goverments providing for minimum acceptable requirements for building construction.

Bundle of Rights:
A concept in which rights of possession, use, enjoyment, and disposition comprise the rights of ownership. The highest level of ownership rights is fee simple.

For more terminology and jargon check:

• A-Z Real Estate Terminology
• Glossary of Real Estate Terms